Being supported by 1.1464 (Nov 5, 2008 low), USDCAD rebounds from 1.1474 level and breaks above the price channel resistance, suggesting that a short term cycle bottom has been formed at 1.1474 level on 4-hour chart. Range trading between 1.1474 and 1.1900 is expected in next several days. However, the rise from 1.1474 is treated as consolidation of downtrend from 1.3063 (Mar 9 high), further fall is still possible after consolidation.
